PUBLICATIONS (*sole author)
Books Authored or Edited
The Political Economy of Chinese Finance, International Finance Review, vol. 17, Emerald, December 2016, (coedited with X. Zhang and M. Powers).
Transparency and Governance in a Global World, IFR, vol. 13, Emerald, December 2012, (coedited with H. Sami).
Currency, Credit and Derivatives: Crisis from Wall Street to Main Street, IFR, vol. 10, 2009 (coedited with M. Papaioannou).
Institutional Approach to Global Corporate Governance: Business Systems and Beyond, IFR vol. 9, Emerald, 2008 (coedited with S. Dow-Anvari).
Value Creation in Multinational Enterprise, IFR vol. 7, Elsevier, January 2007 (coedited with R. Click).
The Japanese Finance: Corporate Finance and Capital Markets in Changing Japan, IFR vol. 4, Elsevier, 2003 (coedited with T. Hiraki).
Global Risk Management: Financial, Operational and Insurance Strategies, IFR vol. 3, Elsevier, 2002 (coedited with M. Powers).
European Monetary Union and Capital Markets, IFR vol. 2, Elsevier, 2001 (coedited with J. Wrase).
Asian Financial Crisis: Financial, Structural and International Dimensions, IFR vol. 1, Elsevier, 2000 (ed.)*
Emerging Capital Markets: Financial and Investment Issues, Greenwood Publishing Group, 1998 (coedited with J. Doukas).
International Trade and Transmission of Inflation, Lanham, Maryland and London, University Press of America, 1985, pp.169. Reviewed by Journal of Economic Literature, Economic Journal and others.*
Articles in Journals
“Business group and corporate social responsibility,” Journal of Business Ethics, forthcoming (with Hoje Jo, Jimi Kim, and Moo Sung Kim).
“Flexibility as firm value driver: Evidence from offshore outsourcing,” Global Strategy Journal, forthcoming (with Mike Kotabe, Ming Ju, Lenos Trigeorgis, and Xiaotian Tina Zhang).
“The effects of institutional distance on FDI inflow: General environmental institutions (GEI) and minority investor protection institutions (MIP),” International Business Review, February 2016, 25:1, part 1, 114-123 (with Sangmook Lee and Amir Shoham).
“Are individual or institutional investors the agents of bubbles?” Journal of International Money and Finance, December 2015, vol. 59, 1-22 (with Haim K. Levy and Sean Sehyun Yoo).
“The quality of local government and firm performance: The case of China’s provinces,” Management and Organization Review, December 2015, 11:4, 679-710 (with Cao Jiang and Oded Shenkar). (short version reprinted in Management Insights, No. 9, 2016).
“Earnings management and derivatives use with fair value accounting: Evidence from the effects of FAS 133,” The Accounting Review, vol. 90(4), July 2015, 1437-1467 (with Connie X. Mao and Arun Upadhyay).
“The value of multinationality and business group for Japanese firms,” Journal of Corporate Finance, December 2014, 29, 88-110 (with Takato Hiraki and James Landi).
“Corporate risk management under information asymmetry,” Journal of Business Finance and Accounting, Jan/Feb, 2013, 40(1&2), 239-271 (with Connie X. Mao and Arun Upadhyay).
“Foreign ownership and information asymmetry,” Asia Pacific Journal of Financial Studies, April 2013, 42, 141-166 (with K. Lam, H. Sami, and H. Zhou).
“Financial crisis and risk management: Reassessing the Asian financial crisis in light of the American financial crisis,” East Asia Law Review (University of Pennsylvania Law School), vol. 5 (3), 2010, 442-468. (with Michael Papaioannou).
“The impacts of state ownership on information asymmetry: Evidence from an emerging market,” China Journal of Accounting Research, vol. 3 (1), 2010, 443-465 (with H. Sami and H. Zhou).
“Does the multinationality matter?Implications for operational hedging for the exchange risk exposure,” Journal of Banking and Finance, world bank/IMF special issue on the global financial crisis, risk measurement and management, November 2009, 33(11), 1973-1982 (with C. Jiang).
“The value of outside directors: Evidence from corporate governance reform in Korea,” Journal of Financial and Quantitative Analysis, December 2007, 42(4), 941-962 (with S. Park and S. Yoo).
“Financial factors in foreign direct investment: A dynamic analysis of international data,” Research in International Business and Finance, 21 (1), January 2007, 1-18 (with Bang Nam Jeon) – lead article
“International market linkages,” Journal of Economics and Business, 55(5/6), Sept-Dec. 2003, special issue on financial and economic integration (with Warren Bailey).
“The Asian exposure of U.S. firms: Operational and risk management strategies,” Pacific Basin Finance Journal, 11(2), April 2003 (with Y.C. Kim) – lead article.
“The Asian finance crisis: Moral hazards in more ways than one,” International Finance Review, Vol. 1, 2000, Elsevier.*
“Does the stock market predict real activity?: Time-series evidence from the G-7 countries,” Journal of Banking and Finance, 23 (12), December 1999 (with Kenneth Kopecky and Shmuel Hauser).
“Is foreign exchange risk priced in the Japanese stock markets?” Journal of Financial and Quantitative Analysis, September 1998 (with T. Hiraki and N. Takezawa).
“Derivative exposure and the interest rate and exchange rate risks of U.S. banks,” Journal of Financial Services Research, October/December 1997 (special issue for Wharton conference on risk management in banking). (with E. Elyasiani).
“A joint test of market segmentation and exchange risk factor in international capital markets,” Journal of International Business Studies, 28(1), Spring 1997 (with M. Rajan)
“Explaining premiums and discounts on closed-end equity country funds,” Journal of Applied Corporate Finance, 9(3), Fall 1996 (with E.T. Claggett, J. Doukas, B. Ashanapalli and I. Lee).
“Market segmentation and the valuation of closed-end country funds: An empirical analysis,” Review of Quantitative Finance and Accounting, 7(1), July 1996 (with I. Lee) – Included in CFA Digest, 27:2, Spring 1997.
“The price linkages between country funds and national stock markets: Evidence from cointegration and causality tests of Germany, Japan and U.K. funds,” Journal of Business Finance and Accounting, 23(7), September 1996 (with S. Hauser and U. Ben-Zion).
“Common factors in international stock prices: Evidence from a cointegration study,” International Review of Financial Analysis, 5(1), 1996 (with D. Bachman, B.N. Jeon and K. Kopecky).
“Why stock valuation ratios differ internationally,” Research in International Business and Finance, Supplement 1, 1996 (with M. Papaioannou).
“Exchange risk sensitivity and its determinants: A firm and industry analysis of U.S. multinationals,” Financial Management, 24(3), Autumn 1995 (with A. Prasad).
“The Japanese and U.S. stock prices: A comparative fundamental analysis,” Japan and the World Economy, 7(3), 1995.*
“Forward foreign exchange in continuous-time derivative asset framework,” Research in Finance, Vol. 12, 1995 (with S. Hauser).
“The valuation effects of overseas listing: The case of the Tokyo Stock Exchange,” Review of Quantitative Finance and Accounting, 4(1), March 1994 (with C. Fry and I. Lee).
“The effect of foreign debt on currency values,” Journal of Economics and Business, 45(3/4), August/October 1993 (special memorial issue for David Meinster). (with R. Ajayi).
“The valuation of three Asia-Pacific country dunds,” Research in International Business and Finance, Vol. 10, 1993 (with I. Lee).
“The sensitivity of bank stock returns to market, interest, and exchange rate risks,” Journal of Banking and Finance, 16(5), September 1992 (with E. Elyasiani and K. Kopecky).
“On the effects of international risk, segmentation and diversification on the cost of equity capital: A critical review and synthesis,” Journal of Multinational Financial Management, 1(3), 1991 (with A. Severn).
“Wealth effects and macro uncertainty in asset allocation between stocks and bonds,” International Journal of Finance, 4, Autumn 1991 (with B. Han).
“The effects of domestic and foreign yield curves on the value of American currency call options,” Journal of Banking and Finance, 14, March 1990 (with S. Hauser).
“Optimal corporate leverage with risky ddebt: A demand approach,” Journal of Financial Research, 12(2), Summer 1989 (with F. Fabozzi and U. Yaari).
“Diversification, exchange risk, and corporate international investment,” Journal of International Business Studies, 20(1), Spring 1989.*
“Pricing exchange risk and location costs: An empirical investigation of the world capital markets,” International Journal of Finance, 1, Autumn 1988.*
“Debt financing and the cost of capital in the neoclassical investment model,” American Economist, 32(1), Spring 1988.*
“External debt and optimum exchange rate for developing economies: An asset approach,” Korean Economic Review, 2, September 1987.*
“A model of firm valuation with exchange exposure,” Journal of International Business Studies, 17(2), Summer 1986.*
“Consumption basket, exchange risk and asset demand,” Journal of Financial and Quantitative Analysis, 19(3), September 1984.*
“The impact of U.S. foreign direct investment on U.S. balance of payments: A simulation analysis,” American Business Review, 1, January 1984 (with R. Hawkins).
“The real interest rate, foreign capital, and domestic Saving: The case of Korea,” Journal of Economic Development, 5, December 1980 (with B. Wasow).
Articles in Edited Books
“Market socialism with ‘Chinese characteristics,’ The Political Economy of Chinese Finance, IFR vol. 17, Emerald, December 2016 (with M. Powers and X. Zhang).
“Corporate transparency from the global perspective: A conceptual overview,” Transparency and Governance in a Global World, IFR, vol. 13, Emerald, 2012, Emerald (with H. Sami).
“The US versus Asian financial crisis,” Currency, Credit and Derivatives: Crisis from Wall Street to Main Street, IFR vol. 10, Emerald, 2009 (with M. Papaioannou).
“Probing corporate governance globally: Impacts of business systems and beyond,” Institutional Approach to Global Corporate Governance: Business Systems and Beyond, IFR, vol. 9, Emerald, 2008 (with R. Aggarwal and S. Dow).
“Mergers and consolidation of financial service firms: Global trends and strategic issues,” Value Creation in Multinational Enterprise, IFR, vol. 7, Elsevier, 2007 (with E. Boyer).
“Strategic and financial determinants of foreign direct investment,” Value Creation in Multinational Enterprise, IFR, vol. 7, Elsevier, 2007 (with E. Tsai).
“Introduction to value creation in multinational enterprise,” Value Creation in Multinational Enterprise, IFR, vol. 7, Elsevier, 2007 (with R. Click).
“Investment and acquisition strategies of US firms in Europe,” P. Ghauri and L. Oxelheim, eds., European Union and the Race for Foreign Direct Investments in Europe, Pergamon: Oxford University Press, 2004 (with E. Tsai).
“Recognition of foreign exchange risk in the Japanese stock market,” The Japanese Finance: Corporate Finance and Capital Markets in Changing Japan, IFR, vol. 4, Elsevier, 2003 (with T. Hiraki and N. Takezawa).
“The Japanese finance: Is it unique?” The Japanese Finance: Corporate Finance and Capital Markets in Changing Japan, IFR vol. 4, Elsevier, 2003 (with T. Hiraki).
“Global financial markets and global firms: Implications for international business research,” M. Kotabe and P. Aulakh, eds., Emerging Issues in International Business Research, Northhampton, M.A.: Edgar Elgar Publishing, 2002.* (article review in Journal of International Business Studies, May 2003).
“Global risk management: Concepts and strategies,” Global Risk Management: Financial, Operational and Insurance Strategies, IFR vol. 3, Elsevier, 2002, (with M. Powers).
“Monetary union and market integration: Capital and goods markets issues pertaining to the launching of the Euro,” European Monetary Union and Capital Markets, IFR vol. 2, Elsevier, 2001 (with J. Wrase).
“Financial and investment issues in emerging capital markets,” J. Choi and J. Doukas, eds., Emerging Capital Markets, Greenwood Publishing, 1998 (with J. Doukas).
Optimum cash balances for international firms,” Advances in Working Capital Management, Vol. 3, JAI Press, 1996 (with D. Ghosh and Y. Kim).
“The United States, Japan and the emerging stock markets of the Pacific Basin: A test of intertemporal stability and bloc effect,” Advances in Pacific Basin Business, Economics and Finance, Vol. 1, JAI Press, 1995 (with R. Ajayi and S. Mehdian).
“The relative valuation of Japanese and U.S. stock markets,” D. Ghosh and S. Khaksari, eds., Managerial Finance in the Corporate Economy, London: Routledge, 1995.*
“Foreign direct investments by firms from developing and developed countries: Stylized facts and theoretical interpretations,” Y. Kim and K. Oh, eds., The U.S.-Korea Economic Partnership, Avebury: London and New York, 1995 (with K. Kim and R. Chandran).
“How to diversify the tax-sheltered fund,” Advances in Investment Analysis and Portfolio Management, Vol. 1, JAI Press, 1991 (with F. Fabozzi and U. Yaari).
“International investments during the flexible exchange rate period: Firm behavior and policy choices in Korea,” Pacific-Basin Capital Market Research, vol. 2, North Holland, 1991.*
“Accounting valuation and economic hedging of foreign inventory under exchange and inflation risk,” Advances in Working Capital Management, vol. 2, JAI Press, 1991.*
“The value of foreign currency options and the term structure of interest rates,” Recent Developments in International Banking and Finance, Vol. 3, 1989, Probus Publishing (with S. Hauser).
“Debt, oil and exchange rates in the monetary and asset models,” K. Fatemi, ed., U.S.-Mexican Economic Relations, New York: Praeger, 1988 (with R. Ajayi).
“An evaluation of the effects of commodity-price indexation on developed and developing Economies,” B. Hickman, ed., Global International Economic Models, North Holland, 1983 (with C. Weinberg and M.I. Nadiri).